WAY
TechnologyWaystar Holding Corp. · Information Technology Services · $4B
What is Waystar Holding Corp.?
Waystar Holding Corp. is a cloud-based healthcare payments software company headquartered in Lehi, Utah. Its platform helps healthcare organizations streamline revenue cycle management from patient intake through final payment.
Waystar generates revenue by licensing its cloud software platform to hospitals, physician groups, and other healthcare providers. The platform automates and connects the financial workflows that sit between care delivery and payment — covering eligibility checks, claims submission, denial management, and patient billing. By reducing manual work and payment errors, Waystar helps providers collect more revenue faster, making it a workflow-critical tool embedded in day-to-day healthcare finance operations.
Waystar was founded in 2017 and is headquartered in Lehi, Utah.
- Financial clearance and eligibility verification
- Claim submission and payment management
- Denial prevention and recovery workflows
- Patient financial care and billing tools
- Analytics and revenue capture reporting
Is WAY a Good Stock to Buy?
UQS Score rates WAY as Below Average overall, reflecting meaningful challenges across several key dimensions.
The most constructive element in Waystar's profile is its Valuation pillar, which is rated Attractive — suggesting the market may already be pricing in a degree of risk. The Moat and Growth pillars both sit at Neutral, indicating the company holds some competitive positioning in healthcare payments and shows a baseline growth trajectory, even if neither stands out relative to sector peers.
The Quality and Risk pillars are both rated Weak, which points to underlying concerns around financial health and the risk profile investors would be taking on.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does WAY pay dividends?
No — Waystar Holding Corp. does not currently pay a dividend.
Waystar does not currently pay a dividend. As a relatively young, cloud-software company still scaling its platform across the healthcare market, capital is directed toward product development and customer acquisition rather than shareholder distributions. Investors in WAY are positioned for potential long-term value creation rather than near-term income.
When does WAY report earnings?
Waystar reports earnings on a quarterly cadence, consistent with standard practice for US-listed equities.
Waystar's recent results reflect a company in growth mode, balancing platform investment against the path toward profitability. Revenue trends in healthcare payments software have been a focal point, as has the pace at which the company converts new clients into recurring revenue. Execution on cost discipline alongside top-line expansion remains a key theme to watch.
For the most recent quarter's results and guidance, visit Waystar's official investor relations page.
WAY Price History
+20.3% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Waystar Holding Corp.?
Based on Waystar Holding Corp.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
WAY Long-term Outlook
Waystar's fundamental outlook is shaped by its Neutral Growth and Neutral Moat profile alongside Weak Quality and Risk ratings. The company operates in a structurally growing market — healthcare revenue cycle management — where digitization and automation continue to expand the addressable opportunity. However, the Weak Risk rating signals that execution risk and financial structure warrant careful monitoring. An Attractive Valuation label suggests downside may be partially reflected in the current price, but improvement in Quality metrics would be needed to shift the overall profile.
Growth drivers
- Ongoing digitization of healthcare revenue cycle workflows
- Expansion of the customer base across hospitals and physician groups
- Cross-sell of analytics and denial management modules to existing clients
Key risks
- Weak Quality pillar signals financial health concerns that could constrain investment capacity
- Weak Risk pillar reflects elevated operational or balance-sheet risk relative to peers
- Competitive pressure from larger, better-capitalized healthcare IT platforms
WAY vs Peers
Waystar operates in the broader healthcare and business-process technology space, where it competes for enterprise software budgets alongside a range of technology service providers.
ExlService focuses on data analytics and digital operations services across multiple industries, offering a broader multi-sector footprint compared to Waystar's healthcare-specific payments platform.
SAIC is a large government-focused IT services firm, contrasting with Waystar's commercial healthcare software model and recurring SaaS revenue structure.
Dolby operates in audio and imaging technology licensing, representing a different software monetization model than Waystar's workflow-embedded healthcare payments platform.
Frequently Asked Questions
What does Waystar do?
Waystar provides a cloud-based software platform that automates healthcare payment workflows. Its tools cover patient eligibility checks, claims submission, denial management, and patient billing — helping hospitals and physician groups collect revenue more efficiently and with fewer errors.
Does WAY pay dividends?
Waystar does not currently pay a dividend. The company is in a growth phase and reinvests capital into its platform and market expansion rather than returning cash to shareholders through distributions.
When does WAY report earnings?
Waystar reports financial results on a quarterly basis, in line with standard US-listed company practice. For the exact schedule and most recent results, check Waystar's investor relations page directly.
Is WAY a good stock to buy?
The UQS Score rates WAY as Below Average, driven by Weak Quality and Risk pillars. The Valuation pillar is Attractive, which may reflect existing risk being priced in. Investors should weigh the growth opportunity in healthcare payments against the financial and execution risks flagged in the UQS profile.
Is WAY overvalued?
The UQS Valuation pillar for WAY is rated Attractive, suggesting the stock is not considered expensive relative to its fundamentals within the UQS framework. However, Valuation alone does not determine investment suitability — Quality and Risk ratings also matter significantly.
How does WAY compare to its competitors?
Waystar is more narrowly focused than peers like ExlService or SAIC, concentrating specifically on healthcare revenue cycle software. This specialization can be an advantage in depth of product capability but may limit diversification compared to broader technology service firms.
What is WAY's market cap bracket?
Waystar is classified as a mid-cap company. This places it in a tier where growth potential can be meaningful, but where access to capital and competitive scale may differ from larger enterprise software providers.
Who founded Waystar?
Waystar was formed through the combination of Navicure and ZirMed, two established healthcare payments companies, creating a unified platform. Founding context and leadership history are publicly available through the company's official communications and investor relations materials.
Is WAY a long-term quality investment?
As a long-term quality indicator, the UQS Score currently rates WAY as Below Average. The Neutral Moat suggests some competitive durability in healthcare payments, but the Weak Quality and Risk pillars indicate the company would need to demonstrate improved financial health before the profile strengthens meaningfully.
What is the main competitive advantage of Waystar?
Waystar's advantage lies in its deep integration into healthcare financial workflows. Switching costs tend to be high in revenue cycle management software because providers rely on these tools daily for billing and collections — making the platform sticky once embedded in a health system's operations.
What sector does WAY belong to?
Waystar is classified in the Technology sector, specifically within healthcare payments and revenue cycle management software. It sits at the intersection of healthcare services and cloud software, serving providers who need to manage complex payer-patient payment ecosystems.
Is WAY a growth stock or value stock?
Based on the UQS profile, WAY carries a Neutral Growth rating and an Attractive Valuation label — a combination that positions it somewhere between a pure growth and a value story. It may appeal to investors looking for growth-market exposure at a price that reflects existing risk.
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Pro Analysis
WAY — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 22, 2026 | 57.6 | 35.3 | 45.0 | 59.2 | 73.9 | 97.4 | 0.0 |
| May 20, 2026 | 57.6 | 35.4 | 45.0 | 59.2 | 73.9 | 97.4 | -0.1 |
| May 13, 2026 | 57.7 | 35.5 | 45.0 | 59.2 | 73.9 | 97.8 | +10.0 |
| May 8, 2026 | 47.7 | 17.9 | 45.0 | 59.2 | 40.8 | 93.3 | -1.7 |
| May 7, 2026 | 49.4 | 31.5 | 45.0 | 59.2 | 33.8 | 89.0 | +0.3 |
| May 4, 2026 | 49.1 | 31.5 | 45.0 | 59.2 | 33.8 | 87.3 | -0.1 |
| May 3, 2026 | 49.2 | 31.5 | 45.0 | 59.2 | 33.8 | 87.5 | +1.0 |
| Apr 26, 2026 | 48.2 | 31.5 | 45.0 | 59.2 | 33.8 | 81.3 | 0.0 |
| Apr 20, 2026 | 48.2 | 31.5 | 45.0 | 59.2 | 33.8 | 80.8 | +0.1 |
| Apr 19, 2026 | 48.1 | 31.5 | 45.0 | 59.3 | 33.8 | 80.7 | -0.8 |
WAY — Pillar Breakdown
Quality
— 35.0/100 (25%)Waystar Holding Corp. has average quality metrics, with room for improvement in margins or capital efficiency.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 59.2/100 (20%)Waystar Holding Corp. demonstrates healthy growth trends across revenue and earnings.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 73.9/100 (15%)Waystar Holding Corp. maintains a reasonable risk profile with manageable debt levels.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 96.6/100 (15%)Waystar Holding Corp. appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 45/100 (25%)Waystar Holding Corp. possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for WAY.
Score Composition
Financial Data
More Stock Analysis
How is the WAY UQS Score Calculated?
The UQS (Unified Quality Score) for Waystar Holding Corp. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Waystar Holding Corp.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Waystar Holding Corp. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.